Colorado 3 - CBRE (Press Release)
(AP) CBRE Announces the $206.5 Million Sale of Colorado 3 Portfolio, in Westminster and Loveland, Colo.
Westminster and Loveland, Colo. – May 14, 2019 – CBRE has announced the $206.5 million sale of the Colorado 3 real estate portfolio, a collection of three upscale multifamily communities in Colorado. CBRE represented the seller of the properties, Inland Group of Companies, who will be completing the transaction with Blackstone at the end of the month.
Dan Woodward, David Potarf and Matthew Barnett of CBRE facilitated the sale of the 2012-built, 855-unit portfolio. CBRE Debt & Structured Finance was engaged to provide financing for the buyer.
The two properties in Loveland, Lake Vista and Greens at Van De Water, are traditional garden-style communities that offer differing price points for apartments of similar age and location. Arbour Square, located in Westminster, is a mid-rise property located within walking distance of the Orchard Town Center, in proximity to I-25.
“Sold as a portfolio, the properties offer attractive risk adjusted returns at below replacement cost pricing in high growth locations,” said Matthew Barnett. “The appetite for well-located Colorado multifamily investment remains steady with institutional investors looking to markets outside of Denver for potential acquisitions.”
Greens at Van de Water is an upscale suburban community with an expansive designer clubhouse, upscale and unique floor plans located within the Van de Water master-planned development. Lake Vista is a Class A suburban luxury community with an incredible resort-style club house, lake and mountain views and upscale interior designs located at the center of the award-winning Centerra master-planned community. Arbour Square is a core upscale urban community offering state-of-the-art contemporary design, underground parking and extensive amenities located adjacent to the Orchard Town Center mall in Westminster, Colorado.
The U.S. multifamily market remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to CBRE research. The trailing four-quarter total reached 285,800 units in net absorption—higher than the 266,700 units delivered. The overall vacancy rate of 4.6% in the quarter was down 20 basis points year-over-year, while rent growth climbed to an annual rate of 3%, up from 2.1% a year ago. Multifamily acquisitions totaled $36.4 billion in the first quarter, up 1.3% year-over-year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
